Pre-revenue ProfileNo reported revenue across periods means the firm lacks operating cash inflows from royalties today. Until production-linked payments commence, revenue visibility is low and the company remains dependent on capital markets or asset sales to fund operations and growth.
Weak Cash Generation / Rising Cash OutflowsPersistent negative operating and free cash flow, including a large -$994.5k outflow in 2025, signals structural cash consumption. This elevates dilution and refinancing risk, constrains ability to originate or close royalties without external funding, and prolongs reliance on capital raises.
Historical Balance-sheet VolatilityThe swing from negative equity and material 2024 debt to a stronger 2025 balance sheet indicates capitalization has been event-driven. Such volatility suggests recurring reliance on financing, which can dilute shareholders and create execution risk if capital markets tighten or deal flow slows.